Brookfield-backed Student Roost has agreed a £175m forward funding deal with McLaren Property.
The student accommodation operator is backing the development of 1,387 student bedrooms at three sites in Warwick and Brighton.
In Warwick, McLaren is developing 378 student beds at The Oaks 1, and 636 at The Oaks 2, for the 2020/21 academic year.
One Moulsecoomb Way in Brighton comprises 373 bedrooms, to be delivered for the following academic year.
Stephen Rigby, chief investment officer at Student Roost, said: “We turned our focus away from investment stock to new development opportunities around 18 months ago, partly to focus our growth into new cities.
“This is our first deal with McLaren Property, but it’s intended to be the first of many as we work together towards further opportunities.”
John Gatley, chief executive at McLaren Property, said: “Our partnership with Brookfield and Student Roost to fund these new student accommodation schemes in Brighton and Warwick is a recognition of the continued strength of the PBSA market.
“We intend for this to be the first of many deals we partner with Brookfield and Student Roost to develop and deliver our further pipeline of over 3,000 beds in prime university UK cities.”
McLaren Property has developed around 5,000 student beds across 26 projects and has a development pipeline of £1.5bn in assets. Student Roost currently operates in 19 cities, with 50 buildings and 19,300 beds.
McLaren Property was advised by MTRE. Student Roost was advised by Montagu Evans.
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